Summary by Moomoo AI
Cyngn Inc., a developer of autonomous vehicle technology, announced on February 21, 2024, that it has received a 180-day extension from Nasdaq to regain compliance with the exchange's minimum bid price requirement. The company's stock had previously fallen below the $1.00 minimum bid price for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). The initial compliance period was set to expire on February 20, 2024, but with the extension, Cyngn now has until August 19, 2024, to meet the requirement. The company must maintain a minimum bid price of $1.00 per share for at least 10 consecutive business days to remain listed on the Nasdaq Capital Market. Failure to achieve compliance within the extended timeframe could lead to delisting, although Cyngn would have the opportunity to appeal. The announcement was made through a press release, which also highlighted Cyngn's commitment to addressing the compliance issue and its ongoing efforts to maximize shareholder value.
